Friday, September 30, 2016

Justin and Christy's Pipe Dream

What have those two been smoking? Justin Trudeau, Christy Clark and the stoner's dream of vast wealth to be had flogging liquid natural gas (fracked) to Asia.

It culminated in a photo-op vaguely reminiscent of the Wizard of Oz. There was natural resources minister, Jim Carr, as the scarecrow. Fisheries minister Dominic Leblanc as the tin man. EnviroMin, Dame Catherine McKenna, as Dorothy, and, in their midst, Christy Clark as the cowardly lion. They were all bundled up to Richmond, B.C. to stage the announcement of federal approval for the Petronas/Lelu island LNG project.

The announcement sparked a wave of criticism and anger, especially among British Columbians growing a bit tired of Justin's bullshit.

But I suppose Trudeau must have thought it was worth it. Wait, what's that? Petronas, the Malaysian energy giant behind the project, confirms it's looking to get out of the deal.

Petroliam Nasional, or Petronas, is weighing options for the project as its finances have been squeezed after crude oil prices have collapsed by more than 50 per cent since mid-2014.

Additionally, the economics of the project have been called into question as LNG prices for delivery into the main markets in northeast Asia have slumped more than 70 per cent over nearly the same time period.

...Other options are also being considered, including putting it on ice, as finding a buyer in current market conditions would be difficult.

Petronas signed on for the project in 2012 through acquisition of Canada's Progress Energy. That year, LNG prices climbed as high as $18.17 per million British thermal units (mmBtu), but have fallen to $5.75 per mmBtu since then.

Were these nitwits in Ottawa and Victoria blindsided by Petronas? Now they're left with egg on their faces, looking like a gang of naive incompetents. Okay, maybe more than just "looking like."

It is not a bad outcome for JT. If it doesn't get built, he'll not lose votes from those who were hoping for the project to never get built. And he'll not likely lose votes from those hoping the project were to get built, because nobody will blame JT if the project now fails (or at least goes on the backburner for a good while).

Galahad send minion Mrs McKenna to the twilight photo-opand she also delivered one of the creamiest tweets of all timesome nattering about utilizing traditional indigenous wisdomand the miracle of science.. is why Woodfiber gets the nod nod wink wink

Somehow the Canadian landscspe.. and the various resources containedare seen as some sort of pinata for blind politicians to swing mightily at..The scramble is limited to adult foreign owned multinationalstried n true political donors, loyal fans of Israel, stock market thugsBut.. ! We must allow TFW's.. as massive federal subsidies aint enough incentive !

I a sure that Trudeau is well aware of the facts as is industry and those that control finance.Nothing will change ( yet it will) until those with the most to gain or lose have all their ducks lined up!I am sure that as we speak those at the upper most of our society are planning a carbon exit!The carbon exit must reward the 1% before we can go forward..